Is it going to be worth it financially?

Hi Folks

I wonder if all this work and study is actually going to be financially worth it for us in the end?

Siobhan

Comments

  • anniem
    anniem Registered Posts: 1,326
    Hi Siobhan

    Whether it is worth it depends on what you're doing at the moment. If you're currently working as an NHS doctor earning £150,000 plus £200,000 in overtime as recently publicised in the papers then I would say abandon the course - but if that were the case you wouldn't be worried about the costs!!!!!

    When I started the course I was earning about £8-9 an hour and now I am able to charge people £20 an hour; I qualified in August and received my MIP licence in September, so potentially I have been able to more than double what I can earn.

    Does that help you? I wouldn't hesitate to do it if I were you (unless I was a Doctor of course :lol:), I am now moving on to study tax with the ATT.

    Anna x
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • janwal
    janwal Registered Posts: 1,189
    I work for the NHS (not as a doctor, and don't earn anywhere near that amount, wish I did :lol:), I started AAT in September and I am hoping all the hard work and money paid out may even bring me closer to earning a decent living or improve my chances of maybe going it alone.
    Everything is worth it in the end!

    Jan
  • Andypandy
    Andypandy Registered Posts: 526
    All councils are being told not to employ finance officers unless AAT qualified - I'd say that the flexi-time, [perks, etc make it worth it.
  • stevef
    stevef Registered Posts: 258 ? ? ?
    It is for each Local Authority to decide which qualifications to ask for in regard to any post, the only post where a qualification is set out is for a section 151 Officer, who must be a member of a CCAB body. The qualifications asked for will be dependant on where the post sits in the heirarchy and the policies of each individual Authority. Because of equality and diversity rules and to open posts to the widest audience, it is unusual to ask for a particular qualification, but specify a type or range or level. eg Accounting Tecnician or equivalent; or; CIPFA or other CCAB body.

    The degree of flexibility in a flexitime arrangement if one exists, varies between Authorities, there is no standard entitlemtnt. And after a longish career in local government I am still to find any perks besides being allowed to work much longer than my contracted hours with no overtime payment. But I do conceed that holiday entitlements are good.

    Out of interest, is anybody aware of any Local Authority actually in a position in the current economic climate to appoint finance staff. We are not, infact I am fighting to keep the staff I already have!
  • Vince22
    Vince22 Registered Posts: 12 Regular contributor ⭐ ? ⭐
    Hi anniem,

    I was interested that you're an MIP. As I understand things, you have to acquire a certain amount of experience to get a licence. Can I ask you how you got yours, because I'm in the situation of being a student, but not having any accountancy experience at all. It would seem that if you can only get experience by working in practice, but can't work in practice without the experience, it's a sort of catch22.

    Thanx
  • Henry
    Henry Registered Posts: 56 ? ? ?
    Hi Folks

    I wonder if all this work and study is actually going to be financially worth it for us in the end?

    Siobhan

    Siobhan,

    I could ask the same question. In my own case I am not so sure it will be worth it. I personally have decided to do the AAT on my own back because I bought into the idea that it will "change my life". For those who already work in an accounting environment, it is fine for them. But when you have not the experience the qualification is useless to you. Most jobs that ask for AAT qualified people will by implication expect those people to have already gained the experience which allowed them to be qualified.

    It is all well and good that the AAT and other training providers are heavily promoting the course by using case examples of people who have done well from it but the reality is that the more people that do the course the more the market becomes saturated by would-be accountants and so there is not enough jobs to accommodate them all. Some people will therefore be left on the scrapheap after completing their courses whilst the institutions will have gotten paid. I personally know people who have successfully completed ACCA and who can't get jobs and instead have to go into teaching or lecturing.

    The truth is it is not easy out in the world of work and it all depends on your circumstances. For example you might already be married and have children and need to earn at a certain level so that might prevent you taking a training contract with an Accountancy Practice which pays pittance - but a 19-22 year old who doesn't have much responsibility could easily do this. So to answer the question it all depends on each individual's own circumstances. For me, in many respects I feel if I could turn the clock back, I would. This is not to discourage anyone from doing the course though. If you have already started it you might as well finish it and hope for the best.
  • Siobhan Carmel
    Siobhan Carmel Registered Posts: 50 ? ? ?
    Hi Folks

    Thanks for your responses. I agree that it depends on your personal circumstances.

    I am a very mature student, and work in the public services. I actually work in administration, not accountancy. I have studied the final level as an independant student - working and studying from home because it was the cheapest way, and so far I've got through most of the exams.

    I started the AAT because, in any job, you do not know how long it may last. This course has been a kind of 'insurance policy'.

    Some of my friends who are about the same age as myself (more moons have passed than I am going to let on about), have been made redundant over the past few years. None of them have managed to acquire a new job. Hopefully, if that did happen - I can point to recent study and qualifications. I may even get some sort of finance job!

    Regards

    Siobhan
  • PGM
    PGM Registered Posts: 1,954
    Henry wrote: »
    For those who already work in an accounting environment, it is fine for them. But when you have not the experience the qualification is useless to you.

    Not sure I agree...

    A qualification can help you get experience, the worst situation to be in now is no experience and no qualifications, that gives employers little incentive to take you on.

    Also, I wouldn't be basing whether or not its worth it entirely on the current depressed market.
  • nc82
    nc82 Registered Posts: 33 ? ? ?
    Hi Folks

    I wonder if all this work and study is actually going to be financially worth it for us in the end?

    Siobhan

    I would agree with a lot of other people does depend on circumstances in 2006 I was taken on by a local firm in there finance department with no experience as an accounts administrator, 2008 until now they have funded my aat (need pev to qualify) I was told from outset that there was no career progression due to small department, but cut a long story short I'm being promoted to a finance assistant I have 4.5 years accountancy experience working for a company with 50 million plus turnover and should receive an healthy increase in salary, currently earning higher end of of pay scale based on my intermediate level it so does seem that to maximize financial rewards it does need to be accompanied by experience, on otherhand if I had aat before joining my company my earnings would have been more from outset and I would probably be studying for acca etc its definately adds value to you in the end.
  • PGM
    PGM Registered Posts: 1,954
    nc82 wrote: »
    I would agree with a lot of other people does depend on circumstances in 2006 I was taken on by a local firm in there finance department with no experience as an accounts administrator, 2008 until now they have funded my aat (need pev to qualify) I was told from outset that there was no career progression due to small department, but cut a long story short I'm being promoted to a finance assistant I have 4.5 years accountancy experience working for a company with 50 million plus turnover and should receive an healthy increase in salary, currently earning higher end of of pay scale based on my intermediate level it so does seem that to maximize financial rewards it does need to be accompanied by experience, on otherhand if I had aat before joining my company my earnings would have been more from outset and I would probably be studying for acca etc its definately adds value to you in the end.

    Thats the longest sentance I've ever seen.
  • valentino46
    valentino46 Registered Posts: 124 ? ? ?
    PGM wrote: »
    Thats the longest sentance I've ever seen.

    #2 15-08-10, 17:37
    Glynis
    Member Join Date: May 2009
    Posts: 292





    Steve?

    not as long as this one!!!!! ha ha aha ha aha ha aha ah
  • nerdboy
    nerdboy Registered Posts: 2 New contributor ?
    don't panic

    there's no person in this world, acca qualified and unemployed, as to fully qualify in acca you need to work in a practice and have a certain number of years experience.

    you are eighter making wrong assumptions or listening to the wrong people

    once you get acca qualified you'll be headhunted, and even after you get your full aat qualification, any accounts/finance agency will be very interested to find you a job in accounts.
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624
    nerdboy I'm not sure that is always the case!
  • Henry
    Henry Registered Posts: 56 ? ? ?
    nerdboy wrote: »
    there's no person in this world, acca qualified and unemployed, as to fully qualify in acca you need to work in a practice and have a certain number of years experience.

    you are eighter making wrong assumptions or listening to the wrong people

    once you get acca qualified you'll be headhunted, and even after you get your full aat qualification, any accounts/finance agency will be very interested to find you a job in accounts.

    Nerdboy,
    I assume you are directing your comments at me? I do not make assumptions - I am talking fact. I know two people who have completed their ACCA papers and who have had to seek alternative employment outside of accountancy. I have met others who were studying at intermediate level who struggled to gain employment in accountancy.

    The reality is that the market is saturated and many AAT students just like University graduates will be left very disappointed after the reality hit home that there just isn't enough jobs out there to accommodate them. I stand by my comments therefore that the worth of the qualification will in the end depend on your circumstances and I think that is a reasonable position to hold. A qualification is only useful to you if you are gaining something from it. Just because you have the qualification does not guarantee you a job. Most people on the Technician pathway will probable be in employment but I would love to get some feedback from people on the diploma pathway who are yet to find jobs that are finance related.
  • stevef
    stevef Registered Posts: 258 ? ? ?
    And just to set the record straight, you do not have to work in practice to become an ACCA member. you do have to have three years experience in a financial environment and be able to answer the PER questions to your mentors satisfaction. Like anyone else, an ACCa member can be unemployed and struggle to find work.
  • exam panic
    exam panic Registered Posts: 157 ? ? ?
    AAT qualified sound very good to me but now I'm AAT qualified for last 6 months I can not find a interview .too many people out there looking for job right now .
  • Jonno1
    Jonno1 Registered Posts: 63 ? ? ?
    Siobhan,
    I am in the same position as you, I work in a Local Authority in Planning/Research and Information. I'm studying for the AAT qualification because times are hard in local authorities, I realise if I were made redundant what else could I do? Or in 2 years time when I get regraded down to a lower pay scale, working extra hours doing finance work for a small company may be handy. Also the qualification may come in use later on in life, say if I went part-time, or if I wanted to help a small business on the finance side for a few hours a week when I retire. I'm also doing the qualification just to see whether I can do accountancy, to 'get it out of my system', my 'mid-life crisis' in my 40's if you see what I mean! I enjoy working with figures, manipulating data, explaining technical concepts in a simple way to non-techincal people. If you are passionate about something, surely this should be your goal?
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